MoneyTap to Offer 24*7 Payments Facility in Japan
The SBI Ripple Asia-led Japan Bank Consortium will be launching a groundbreaking smartphone application called ‘MoneyTap’. The application will leverage “Ripple’s blockchain technology…….to improve the payments infrastructure in Japan” according to Takashi Okita, CEO of SBI Ripple Asia. The application will allow bank consortium customers to make instant domestic payments and only requires a bank account, phone number, or QR code.
Currently, flexibility with domestic payments is limited in Japan. Transactions must occur on weekdays and between 8:30 am and 3:30 pm, or risk delays. In contrast, the MoneyTap application will allow its customers to settle transactions instantly, 24 hours a day, seven days a week. MoneyTap will also be the first mobile app of its kind to be developed and used by multiple different banks in the country.
These Three Banks Will Be the First to Go Live on MoneyTap
SBI Net Sumishin Bank, Suruga Bank, and Resona Bank will be the first three members of the consortium to go live on the mobile app in the Autumn of 2018. This will be followed by a staggered roll-out to the rest of consortium. The Japan Bank Consortium comprises 61 banks covering more than 80% of all banking assets in Japan.
The MoneyTap Advantage
- 24*7 payments: The MoneyTap app will operate and allow payments 24 hours, 7 days a week, unlike the limited banking days and hours that Japanese banks currently operate on.
- Faster payments: Since the money is digitally transferred via a mobile app, instantly.
- Less costly: As MoneyTap cuts the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.
In essence, via MoneyTap Ripple Asia intends to “remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers,” said Okita.
Certainly, MoneyTap is in sync with Ripple’s mission of establishing an Internet of Value, where money can move like information — instantly. The central idea is to remove friction from both domestic and international payments.